Economic growth

Question 1

What are the determinants of economic growth

Answer 1

Investment
Changes in technology
Education and training
Labour productivity
Size of workforce
Natural resources
Government polices

Question 2

What are the benefits of economic growth

Answer 2

Rise in material living standards
A reduction in poverty
A rise in the welfare of the population
A rise in employment

Question 3

What are the costs of economic growth

Answer 3

Environmental costs(pollution)
Air pollution
Global warming
Congestion
Loss of non-renewable resources
Lower quality life
Inequalities of income and wealth
inflation